The Indian rupee closed weaker on Monday as crude prices surged, nearing a two-month high.
The local currency closed 5 paise weaker at Rs 83.44 and opened flat at Rs 83.4 against the greenback, according to Bloomberg. It had closed at Rs 83.39 on Friday.
"Crude prices rose above $85.41 per barrel, near to a two-month high, due to forecasts regarding summer fuel demand resulting in a supply deficit and that OPEC+ will cut output further in the third quarter," an analyst from Mecklai Financial Services Pvt., said.
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The dollar index is at 105.63. Brent crude is at $85.20 per barrel as traders are on the lookout for the Fed to cut interest rates.
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Anil Kumar Bhansali, the Head of Treasury and Executive Director of Finrex Treasury Advisors, recommends that exporters wait and watch, while importers are advised to buy dollars at dips with a stop loss at Rs 83.60.
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